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Highlights
- Ora Banda (ASX:OBM) pays off Riverina Underground operations ahead of schedule.
- Significant cashflow generation of A$9.1 million reported.
- Production ramp-up at Sand King Underground expected to hit 21,000 ounces in the second half of FY25.
Ora Banda (ASX:OBM) reported a strong finish to 2024, demonstrating impressive financial growth and operational success. The company wrapped up the year with a robust A$57.8 million in cash reserves, marking an encouraging milestone for its ongoing operations at the Davyhurst Project in Western Australia. Furthermore, one of the key highlights of the quarter is the full repayment of the Riverina Underground operations, which came in under budget and 18 months ahead of schedule.
Despite significant investments totaling A$30.8 million in capital, resource development, and exploration during the quarter, Ora Banda managed to generate a positive cashflow of A$9.1 million, underscoring its efficient management and strategic financial approach. Riverina Underground, which initially required capital investment, has since exceeded expectations by delivering stronger-than-forecast cashflow along with higher mined grades, contributing positively to the company's bottom line.
In addition to the Riverina Underground achievement, Ora Banda reported excellent progress at the Sand King Underground, where first ore was produced just four months after development began. The ramp-up continues, and the operation is expected to produce up to 21,000 ounces of gold in the latter half of FY25, significantly supporting the company’s growth trajectory.
The company’s Davyhurst mill also performed exceptionally well, processing a total of 280,000 tonnes of ore during the quarter—reflecting a 9% increase compared to the prior period. A significant portion, about 41%, of the processed feed came from the high-grade Riverina ore, further boosting the company's prospects for growth in the gold sector.
Gold production for the quarter reached 22,973 ounces, bringing total first-half FY25 production to 47,300 ounces. Ora Banda (ASX:OBM) reported all-in-sustaining costs (AISC) at A$2,536 per ounce sold, with the depletion of legacy stockpiles marking a new phase of resource management. The company plans to increase annual production to 150,000 ounces by FY26, bolstered by the high-quality ore at Sand King and significant infrastructure upgrades.
With a continued focus on exploration and portfolio expansion, Ora Banda is poised to unlock new opportunities that will contribute to sustainable growth, both in its operational capacity and in overall production potential.
